Get Help Today from Real Estate Attorneys in Lisle, IL
When buying or selling property, it is only natural to feel overwhelmed. It can be a confusing process with a lot at stake. Whether it is your first time or your first time in years, completing a real estate transaction may lead to questions, stress, and consequences if you aren’t careful. With the help of experienced real estate law lawyers in Lisle, IL, make sure the process of buying or selling a property is handled properly for a smooth transaction. The right real estate lawyer can make a world of difference when dealing with important property matters. They may be able to save you time, stress, and money in the long run.
Types of Cases Real Estate Lawyers Handle
Most people wonder if real estate lawyers deal with their particular problem or need pertaining to property buying or selling. The good news is that real estate lawyers handle a wide range of matters related to real estate law. Here are just a few examples of cases handled by real estate lawyers:
- Buying a property: From the paperwork and inspections to closing, there are a lot of questions about buying a property. A real estate lawyer may assist clients in everything from proper inspection and codes to ensuring closing documents do not include any hidden costs.
- Selling a property: Similar to buying, selling is also a complex matter where legal guidance can be useful. An attorney will help in many of the same ways they would help a buyer, but on the selling side, to ensure the best outcome for their client.
- Commercial selling or buying: There may be different laws and regulations in place when dealing with commercial vs. residential property. With the help of real estate lawyers, commercial sellers or buyers can find peace of mind during every property transaction.
- Loans and distressed property: When a client is unable to pay their mortgage, real estate lawyers may assist with loan modifications and other preventative legal measures to ensure the client does not lose their house.
- Landlord and tenant or leasing disputes: Real estate attorneys often work with landlords and tenants in the face of leasing disputes or other legal matters pertaining to a property.
How Can a Real Estate Attorney Help You?
Whether buying, selling, or looking to protect your property through legal means, there is no denying that having reliable legal counsel on your side can give you peace of mind. There are always questions involved in this complex process, which is where real estate attorneys come in. They use their knowledge of real estate law to ensure the other party, whether seller or buyer, is not taking advantage of your legal rights. A real estate attorney answers questions and fights for your legal property rights. They may also help draft contracts and legal documents related to the purchase or sale of a property. If an issue arises and a contract is breached, your attorney will advise you on the best action to take and represent your interests under the law. Aside from being a client’s advisor and advocate, an experienced real estate attorney is there to make sure the transaction occurs according to the law and their client’s best interest.
Do I Need a Real Estate Lawyer to Buy or Sell Property?
While you are not required to hire a real estate attorney to buy or sell a property, it is definitely something worth considering. There is more than one way to buy or sell a property. A person may choose to work with a real estate agent in order to buy or sell a residential or commercial property. The agent works on behalf of the client to secure the property or sell it and will also assist with paperwork during closing. While real estate agents will be familiar with the basics of closing contracts and other real estate paperwork, their main job is to secure a sale. If you are buying a property using a real estate agent, their main concern is finding a property you want to buy and then receiving their commission. Your real estate lawyer will take a more serious interest in the legal side and your best interest, such as ensuring the property meets all codes and requirements, the other party has disclosed all necessary information, and that the contract meets all legal expectations before you sign your life away on a property. If you choose to skip the real estate agent (a common scenario when a property is sold by the owner), a real estate lawyer may still be able to act as a title agent during the closing process.
What is Earnest Money?
There are certain parts of the buying/selling transaction that are confusing at the beginning. The idea of earnest money is one area new sellers or buyers are concerned about when they start receiving or putting in offers on a property. Earnest money is essentially a “good faith” deposit a buyer gives a seller to show their interest in buying the property. The idea behind this tactic is to show that you are serious about buying the property, so the seller will stop showing the property to other potential buyers. The real estate market is competitive, and a seller may receive several interested parties for a single property. Putting down a deposit in the form of earnest money helps ensure the deal makes it to the closing stage. The amount of earnest money the buyer offers the seller can be negotiated, which is where a real estate lawyer may come in handy. A real estate lawyer may also be used to hold the designated funds until the closing process is complete and the funds are released to the seller. It is important to remember that putting down earnest money is considered a contractual obligation to buy in most cases.
What Happens if a Buyer Walks Away Before Closing?
What happens when a buyer walks away will depend on a few factors and where you are in the process of closing on the property. Once a deposit of earnest money is in place to show intent to buy a property, the seller and buyer have entered a part of the process meant to move them in the direction of closing on the property. If a buyer walks away from buying a property due to being unable to secure the mortgage loan, the seller returns the earnest money to the buyer, and the deal is canceled. A buyer may also walk away before closing if the buyer and seller are unable to agree on inspection details or if the buyer does not uphold inspection agreements. The seller would need to either remedy the inspection issues or return the earnest money to the seller, thus ending the expectation of the buyer buying the property. If the buyer walks away after giving earnest money but before closing as a result of any other reason, such as finding a different property they want to buy instead or simply changing their mind, the seller may have the right to sue the buyer in order to keep the earnest money. In this case, an experienced real estate lawyer may be able to help the parties come to a conclusion.
What is an Attorney Review and Inspection Letter?
An official document created by an attorney, a review and inspection letter, is used when a buyer or seller would like to make a modification request to an original term or agreement regarding the property after an inspection. An inspection may bring to light issues or required repairs the buyer will need to correct before buying the property, which is why they may request the seller to fix these issues or ask for a lower cost on the property to accommodate for the added expense. Whether you are the buyer or the seller, using a real estate lawyer to draw up this document is a smart legal move when looking to seek repairs, credits, or other relevant modifications to the existing contract terms. If there is an issue and it is handled without proper documentation, such as a letter from an attorney, it could lead to even more trouble. It is all too easy for one party to verbally agree to something with no paper trail and then refuse to uphold their end of the bargain. With the use of a letter from a real estate lawyer, there is a clear paper trail and a record of communication regarding expectations.
Is it Expensive to Hire a Real Estate Lawyer?
When you are already faced with the cost of buying a property, you may wonder if adding the expense of an attorney is worth it. Whether you are buying a residential or commercial property, it may still be worth the added cost of hiring an experienced real estate attorney. A loan modification lawyer works to ensure your best interests. A real estate agent, while still working on your behalf, is also working for a commission of the sale in most cases. If you are buying a property, it can add security and peace of mind to have an outside party receive a set fee to go over all of the legally binding aspects of the deal. Even if you are the seller and not the one paying a large sum to buy a property, it is still worth it to have a real estate attorney look over the contracts to ensure everything is in proper order. Finally, when you factor in the cost of hiring a real estate lawyer, you should keep in mind the pitfalls of an improperly handled purchase or sale. A bad real estate deal could result in costly repairs after an improper inspection, loss of money due to contract confusion, and a host of other issues that will eat up your time and finances. It is always a good idea to consult with a real estate lawyer prior to closing on any property.
Find Legal Help Today
Real estate can be confusing and stressful, whether you are a buyer or seller. The fact of the matter is that closing on a property is a long process involving legally binding contracts. It is only normal to have reservations or concerns. With the help of an experienced real estate attorney on your side, make your next move with confidence. Whether you are just getting started or you are looking for legal guidance regarding the final contract before closing, we are here to help. Our team is ready to assist you in any legal aspect regarding real estate. With years of experience and the legal knowledge you need, our team is ready to offer legal guidance as you buy or sell a property. For a free consultation to find out how we may be able to help, contact us at (708) 575-1500 today.